Sunday 28 August 2022 7:00 AM ▪
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Advanced smart contracts have finally arrived in Bitcoin. The live desktop web integration on the Bitcoin Blockchain will now allow for reliable operations without intermediaries or moderators. By using integration APIs, developers can actually create tests and start running them right away. What are the advantages of this new merger and what will change tangibly? This article gives us some answers.
Bitcoin-ICP Integration: What are the Benefits?
The first obvious advantage of this concern is integration Reduce transaction costsbut also and above all Faster treatments. In the coming months, this new technology will allow Publication of General Availability (GA). This will bring new and innovative smart contract features to Bitcoin. All of this is on the fast-developing Internet computer (IC) blockchain.
IC aims to create a file blockchain Sturdy for general purposes. It also needs to be scalable, secure and accessible. The new integration is just one step in a larger plan to integrate the IC with existing systems.
It should also be noted that this integration brings new features including:
- Using Bitcoin to create and pre-production testing of Canister smart contracts. The project is possible due to the availability of an experimental Bitcoin Testnet integration API.
- ECDSA Threshold Mapping with Test Key. He wants to support seamless integration with the Ethereum platform as well as other blockchains that use the ECDSA scheme.
- There is documentation available on the computer website about Bitcoin and ECDSA.
- Sample enclosure deployment code in Motoko and Rust.
What is changing with Bitcoin-ICP integration?
At this time, the Deployment Test Key will only be used for the development and testing phases. It can be used to save bitcoins on the API, But it should not be linked to real values.
In addition to the new features, it should be noted that this Integration has no bridges. Recently, blockchain bridges are under attack by cybercriminals. This, for the sole purpose of stripping holders of cryptocurrency. These breaches are the result of exploiting the trust of the entities at the ends of the bridge. To avoid this kind of accident, the new integral in question is “untrustworthy”. This means that neither party will automatically assume that the other is trustworthy.
Integration between Bitcoin and ICP It has characteristics that make it a leading base for a challenge. Remember that technology is already incorporating bitcoin. It can therefore be expected to improve the functionality and value of the DeFi ecosystem. New projects that benefit from bitcoin liquidity, such as InfinitySwap, Sonic and ICPSwap, will also benefit.
One process we can think of is Lending Bitcoin as Cryptocurrency. The direct and unreliable integration of the Internet PC now makes this possible. This makes it the preferred choice for DeFi developers.
In short, the arrival of smart contracts on the Blockchain heralds important changes as well. For example, an Internet computer can now use the ECDSA signature regulations to store Bitcoin addresses and act as wallets that can store, obtain and send BTC tokens. In addition, smart contracts can be created in a more secure environment. Decentralized applications, such as open chat The one that allows sending BTC via instant messaging, or even a Spinner that allows private transactions for BTC, will be the big beneficiaries of this new project.
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PhD student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrency, trading, etc. Thanks to his articles, he naturally participates in the daily blockchain revolution in order to better democratize DeFi.